Last checked at 
LONDON (Alliance News) - Strategic Minerals PLC Monday said its Cobre magnetite tailings operations in New Mexico achieved strong domestic sales in the first half of the year and it reduced corporate overheads in the second quarter.
The magnetite iron-ore producer and exploration company recently made the decision to cease international exports to focus on domestic sales.
On Monday, it said that domestic sales represented 86% of the previous year's product sold within the first six months of this year, an increase of 44% from the same period the year before.
During the second quarter, the company carried out a corporate review which has resulted in a reduction in overall corporate overheads to less than USD1.2 million annually, excluding costs associated with reviewing new opportunities and other exceptional items.
The company said that during the quarter it started the process of obtaining approval for an exploration programme at its Jotanooka project in Australia and once the approvals have been obtained,the decision to start the programme will be based on its cash position at the time.
Strategic Minerals also said it is continuing to evaluate a number of acquisition opportunities in commodities such as tin, copper, iron ore, gold and other high value strategic minerals with a focus on projects that can be monetised quickly.
it added that it is looking at some larger projects in these minerals which could be funded via joint venture operations.
"The company continues to evaluate a number of other near term production opportunities in line with our stated strategy of diversifying the portfolio. We look forward to updating shareholders as and when these opportunities progress further," Executive Director Julien McInally said in a statement.
At the end of June, the company had USD1.3 million in cash.
Strategic Minerals shares were up 5.0% to 0.630 pence on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
